1. Reports
  2. Daily Base Metals Report
Non-independent Research

Daily Base Metals Report

Read risk warning

As the American economy begins to re-open optimism strengthens causing the U.S. stock market to rise. European markets also gained ground today despite the Bank of England governor suggesting it may be time to reassess how low-interest rates can go. In Europe, there was hope surrounding another round of stimulus around from the European Union. Brazil has now become the country with the third-highest amount of virus cases and doesn’t have a health minister as previous candidates argued with President Bolsonaro.

Metals prices were all stronger today. The cash to 3-month zinc spread continues to tightened and stands at $7/t back, as does zinc which is now $192/t back. The 3month zinc price failed above key resistance at $2,050/t and closed at $2,036/t. Ali was firmer today and took out resistance at $1,500/t to close at $1,512.50/t. Nickel was also well bid again today, closing at $12,667/t. Copper continues to strengthen and closed at $5,442.5/t as lead closed at $1,697/t after failing above $1,700/t.

Energy prices continue to rise but demand still remains weak, WTI and Brent trade at $32.85/t $35.30/t. Gold has edged higher back towards $1,700/oz at $1,749/oz at the time of writing with silver trading at $17.15/oz.


Risk warning

This is a marketing communication. The information in this report is provided solely for informational purposes and should not be regarded as a recommendation to buy, sell or otherwise deal in any particular investment. Please be aware that, where any views have been expressed in this report, the author of this report may have had many, varied views over the past 12 months, including contrary views.

A large number of views are being generated at all times and these may change quickly. Any valuations or underlying assumptions made are solely based upon the author’s market knowledge and experience.

Please contact the author should you require a copy of any previous reports for comparative purposes. Furthermore, the information in this report has not been prepared in accordance with legal requirements designed to promote the independence of investment research. All information in this report is obtained from sources believed to be reliable and we make no representation as to its completeness or accuracy.

This report is not subject to any prohibition on dealing ahead of the dissemination of investment research. Accordingly, the information may have been acted upon by us for our own purposes and has not been procured for the exclusive benefit of customers. Sucden Financial believes that the information contained within this report is already in the public domain. Private customers should not invest in these products unless they are satisfied that the products are suitable for them and they have sought professional advice. Please read our full risk warnings and disclaimers.

Sign-up to get the latest Non-independent research

We will email you each time a new report has been published.

You might also be interested in...

Daily Report FX

A morning report covering fundamentals and technicals for USD, EUR, GBP, JPY, and CHF.

Daily Report Softs Technical Charts

Technical analysis and charts for the key sugar, cocoa and coffee contracts.

Weekly Report FX Options

Commentary and analysis covering OTC currency option pricing, volatility and positioning.

Quarterly Metals Report – Q2 2020

Our analysts provide fundamental and technical analysis and forecasts for base and precious metals, iron ore and steel. We assess how COVID-19 has impacted the metals market and outline what data points to look at to help navigate the next few months in the market.